SEC grants MTN approval to sell 575 million shares


The Securities and Exchange Commission (SEC) has approved the offer for sale of MTN Nigeria’s 575 million ordinary shares.

MTN Nigeria company secretary Uto Ukpanah stated this in a release on Tuesday which was also posted on the website of the Nigerian Exchange Ltd.

The offer, as previously announced, will be by way of bookbuild to institutional investors (institutional offer), and subsequently, a fixed price to retail investors (retail offer).

“The institutional offer opens today at 12.00 noon, Nov. 23, and closes at 2:00 p.m., on Nov. 26, after which a fixed price will be determined for the retail offer.

“The retail offer is proposed to open after the institutional offer and an announcement will be published in the regard once clearance is obtained from SEC,” the company said.